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		<title>evaluating an S-Corp for purchase</title>
		<link>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm</link>
		<description>evaluating an S-Corp for purchase</description>
		<lastBuildDate>Wed, 27 May 2009 17:28:57 GMT</lastBuildDate>
		
			<item>
				<title><![CDATA[More and more the IRS is wanting]]></title>
				<link>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm</link>
				<description><![CDATA[More and more the IRS is wanting S Corps to document such deductions with original documents such as milage logs, computer logs, cell phone logs, etc. Even though the company may be too small to be forced to include a balance sheet on the tax return, ask f[...]]]></description>
				<pubDate>Wed, 27 May 2009 17:28:57 GMT</pubDate>
				<guid>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm#750069</guid>
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			<item>
				<title><![CDATA[Thanks all,
this has been helpf]]></title>
				<link>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm</link>
				<description><![CDATA[Thanks all,
this has been helpful.&#160; My concern stems from the fact the owner is using a heavy dose of expenses (like car, travel, rents, etc.) to reduce the taxable income from the company.&#160; Don`t get me wrong, I`m not saying its illegal, ]]></description>
				<pubDate>Wed, 27 May 2009 17:28:57 GMT</pubDate>
				<guid>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm#750068</guid>
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			<item>
				<title><![CDATA[
  You do need to understand th]]></title>
				<link>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm</link>
				<description><![CDATA[
  You do need to understand that hesitation to see personal finances is not great.&#160; There COULD be other enterprises that provide or recieve funds from the company that the owner is not transferring with the company.
  &#160;]]></description>
				<pubDate>Wed, 27 May 2009 17:28:57 GMT</pubDate>
				<guid>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm#750067</guid>
			</item>
			<item>
				<title><![CDATA[
  Ed is correct. Ask for a Sch]]></title>
				<link>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm</link>
				<description><![CDATA[
  Ed is correct. Ask for a Schedule K-1 from each partner.
]]></description>
				<pubDate>Wed, 27 May 2009 17:28:57 GMT</pubDate>
				<guid>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm#750066</guid>
			</item>
			<item>
				<title><![CDATA[
  I am not a tax expert, but t]]></title>
				<link>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm</link>
				<description><![CDATA[
  I am not a tax expert, but the 1120S (with schedule K)&#160;should show company income and all deductions and what was passed to each owner.&#160; What he/she made personally (1040) could have come from many sources - but the 1120S will show what ]]></description>
				<pubDate>Wed, 27 May 2009 17:28:57 GMT</pubDate>
				<guid>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm#750065</guid>
			</item>
			<item>
				<title><![CDATA[Since an S-Corporation passes in]]></title>
				<link>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm</link>
				<description><![CDATA[Since an S-Corporation passes income through the company to the stockholders (in this case a husband and wife ownership), how can I effectively evaluate the income produced by this small business (if I can`t see the owner`s personal tax return)?&#160; I fe[...]]]></description>
				<pubDate>Wed, 27 May 2009 17:28:57 GMT</pubDate>
				<guid>http://www.startupnation.com/community/orca/topic/evaluating-an-S-Corp-for-purchase.htm#750064</guid>
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